Business
Lake Shore Bancorp, Inc. Announces Fourth Quarter 2024 and Year End Financial Results
DUNKIRK, N.Y., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the
About this update from Lake Shore Bancorp, Inc.
[{"type":"text","content":"DUNKIRK, N.Y., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.5 million, or $0.26 per diluted share, for the fourth quarter of 2024 compared to net income of $749,000, or $0.13 per diluted share, for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported unaudited net income of $4.9 million, or $0.88 per diluted share, as compared to $4.8 million, or $0.82 per diluted share for the year ended December 31, 2023. The Company's 2024 financial performance was positively impacted by a decrease in non-interest expenses as a result of efforts to optimize operating expenses while reducing its reliance on wholesale funding by $41.0 million. \"2024 was a momentous year for Lake Shore as we achieved our goal to exit early the OCC’s Consent Order, reinstituted quarterly dividend payments to shareholders and grew earnings per share,\" stated Kim C. Liddell, President, CEO, and Director. \"We anticipate a challenging earnings environment in 2025 and will continue efforts to steadily increase value for our shareholders.\" Fourth Quarter 2024 and Full Year Financial Highlights: Net income increased to $1.5 million during the fourth quarter of 2024, an increase of $720,000, or 96.1%, when compared to the fourth quarter of 2023. Net income was positively impacted by an increase in the credit to the provision for credit losses of $581,000, partially offset by a decrease in net interest income of $217,000, or 3.9%;Net income increased to $4.9 million during the year ended December 31, 2024, an increase of $111,000, or 2.3%, when compared to the year ended December 31, 2023. Net income was positively impacted by a decrease in non-interest expense of $1.8 million, or 8.4%, and an increase in non-interest income of $669,000, or 25.4%;Net interest margin increased to 3.31% during the fourth quarter of 2024, an increase of three basis points when compared to net interest margin of 3.28% during the third quarter of 2024;Reduced reliance on wholesale funding by not renewing $16.0 million of brokered CDs and repaying $25.0 million of FHLBNY borrowings during the year ended December 31, 2024;At December 31, 2024 and December 31, 2023, the Company’s percentage of uninsured deposits to to...